The Australian share market has received a mixed lead from offshore markets, with Wall Street and oil prices ending weaker, while metals gained.

On the Sydney Futures Exchange Friday morning, the September share price index contract was 11 points lower at 4346 points. Yesterday, the major indices each ended about 1.25 per cent down.

In economics news today, the Australian Office of Financial Management offers on auction $700 million Commonwealth Government Treasury bonds of the December 2013 line.

In companies news, Equinox Minerals is expected to announce its second-quarter results.

Metcash chief executive Andrew Reitzer addresses a business lunch in Sydney.

The three-day conference of the Financial Services Institute of Australasia concludes in Melbourne.

Yesterday, the Australian market slid for the third straight day on investor fears over a bleak global economic outlook.

The investment community took a particularly gloomy view of Telstra's profit results, sending the telco's stock to its largest fall in 20 months at 31 cents or 95 cents lower to $2.94.

Qantas shares, meanwhile, lost 3 cents, or 1.2 per cent, at $2.48 after the release of its full-year profit, which declined from the previous period.

The benchmark S&P/ASX200 Index finished 54.6 points or 1.2 per cent weaker at 4400.9 points. The broader All Ordinaries Index shed 57.3 points or 1.3 per cent to hit 4422.4 points. The ASX close is the lowest in three weeks.

On a sector-by-sector basis, telecoms had the worst performance, decreasing 8.6 per cent due to Telstra's results. Financials slumped 0.8 per cent, materials fell 1.4 per cent and energy shares shed 1.3 per cent.